Analyzing the chart of $WCT /TetherUS, we can identify some relevant points using Fibonacci tools.
Chart Interpretation:
Fibonacci Retracement: A Fibonacci retracement was drawn from a recent high around $0.4367 to a low around $0.3868. This tool helps us identify possible support and resistance levels based on Fibonacci ratios.
Current Level: The current price is around $0.4144, which coincides with the 0.5 Fibonacci level ($0.4117). This level can act as a balance point or possible reversal area.
Fibonacci Resistances: Above the current price, we find the following Fibonacci resistance levels:
0.382: $0.4176
0.236: $0.4249
0: $0.4367 (previous high)
Fibonacci Supports: Below the current price, we find the following Fibonacci support levels:
0.618: $0.4059
0.786: $0.3975
1: $0.3868 (previous low)
Possible Entry, Take Profit, and Stop Loss Scenario:
Considering the Fibonacci analysis, here are some possible strategies:
Buy Strategy (Long) on a possible bounce:
Entry Point: A possible entry could be around the 0.5 Fibonacci level ($0.4117) or slightly above, waiting for a bullish reversal signal (like a strong bullish candle).
Take Profit (TP):
TP1: The first target could be the 0.382 Fibonacci level ($0.4176).
TP2: The second target could be the 0.236 Fibonacci level ($0.4249).
TP3: A more ambitious target would be to test the previous high at $0.4367 (0 Fibonacci level).
Stop Loss (SL): The Stop Loss could be positioned slightly below the 0.618 Fibonacci level ($0.4050) to protect the trade in case the price continues to fall.
Remember that this analysis is based on the information from the presented chart and does not constitute financial advice. Always do your own research before making any trading decisions. If you have any further questions, let me know!
